Business / Agribusiness Local

Fuel Price – COPEC Anticipates 5.7% Increase in August 2023 Pricing Window

Fuel prices set to decline marginally from October 16 – COPEC

The Chamber of Petroleum Consumers (COPEC) has projected a notable increase in fuel prices in Ghana during the second pricing window of August 2023. Anticipating a potential surge of around 5.7% within the next 48 hours, both gasoline and diesel costs will be affected by this change.

Currently, the average cost at the fuel stations is GH¢12.45 per liter. Additionally, there is an expected upswing of approximately 11.9% in the price of Liquified Petroleum Gas (LPG) during the same timeframe.

Metro Lens

Duncan Amoah, COPEC’s Executive Secretary, explained that these projections are based on a combination of factors, including an average 11% rise in international market prices for gasoline and diesel.

Furthermore, the cost of crude oil has escalated by 6.79%, moving from an average price of $80.67 per barrel to $86.15 per barrel.

Notably, even though there has been a decrease in the foreign exchange rate (Dollar to Ghanaian Cedi) from GHS 11.7185 to GHS 11.4538 (-2.26%) per $1, fuel prices are still expected to climb.

Commencing on Wednesday, 16 August 2023, COPEC estimates that petrol will be sold at GH¢12.97 per liter, diesel at GH¢13.43 per liter, and the average price for both gasoline and diesel to be around GH¢13.20 per liter. In the same period, LPG is projected to be priced at GH¢12.30 per kilogram.

COPEC recognizes the potential impact on consumers and appeals for governmental intervention to alleviate this burden.

The organization suggests the reduction of taxes on LPG or the implementation of subsidies to enhance its accessibility and environmental advantages.

At present, taxes and levies constitute approximately 25% of the retail prices for gasoline and diesel. COPEC advocates for a reevaluation of these charges to provide support to consumers.

The projected increase in fuel prices, as foreseen by COPEC, is consistent with the organization’s predictions and is expected to remain within a margin of error of ±5%.

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